YEREVAN, September 19. /ARKA/. Armenian Inecobank said it has signed a five million USD loan agreement with the Black Sea Trade and Development Bank (BSTDB). These funds will be used to finance small and medium enterprises, ‘which is a strategic direction for Inecoban,’it said in a statement.

“We are pleased to strengthen further our cooperation with Inecobank, a reliable partner and a market leader in SME financing in Armenia. Through this partnership, BSTDB supports an increasing number of SMEs and contributes to the private sector business development by offering easier access to capital resources,” said Andrey Kondakov, BSTDB President.

“Inecobank has been closely cooperating with BSTDB since 2007. I am glad to assert that this new loan agreement is a result of lasting cooperation and a new step towards efficient partnership in the future,” said Avetis Baloyan, Chief Executive Director of Inecobank.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution supporting economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The BSTDB headquarters are in Thessaloniki, Greece.

Inecobank, founded in 1996, seeks to stimulate development of Armenia’s private sector through partnership with micro, small and medium-sized businesses. It partners are 25 international financial institutions, including the International Financial Corporation (IFC), German DEG, the European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank. -0-